EGRNF - China Evergrande restarts work on 40 projects in Pearl River Delta region

China Evergrande (OTCPK:EGRNF -2.6%) (OTCPK:EGRNY -6.1%) resumes construction on 40 projects in the Pearl River Delta region and expects to finish 32 of them by the end of 2021, Reuters says, citing local media reports. In the midst of a liquidity crisis, the big Chinese real estate developer has been struggling to keep up with its bond coupon payments and paused projects to conserve cash. Meanwhile, another property developer, Modern Land missed repaying principal and interest on a $250M bond, another indication of the country's overleveraged real estate sector. On Monday, the Wall Street Journal reported that Evergrande (OTCPK:EGRNF) had restarted work at 10 projects in and around the Shenzhen area. Last week, Evergrande (OTCPK:EGRNF) averted defaulting when it paid an $83.5B coupon payment before Saturday, but it still faces $573M of payments on another four dollar notes this year.

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China Evergrande restarts work on 40 projects in Pearl River Delta region